Purchasing Property in Paradise

A guide to buying real estate in the Whitsundays

The Whitsundays has more than most to offer. Encompassing four unique townships, the region offers an ideal mix of stunning natural surroundings, a relaxed lifestyle and economic growth through development, tourism, agriculture and resources.

Airlie Beach, the hub of tourism in the Whitsundays, is home to an industry that last year contributed over $253 million to the regional and Queensland economy. In the past few months, several of the more prominent islands – including Hamilton Island, Lindeman Island and Long Island – have announced multi-million dollar refurbishments, fuelling rumours of a tourism boom. Collinsville, the mining town at the tip of the Bowen Basin, already has two major coal mines, with three new mines – Drake, Jax and Sarum – at varying stages of development. Holding up the final pillar of the Queensland government’s plan for economic growth, is the cane farming town of Proserpine, just 25 minutes from the coast, and the rich agricultural land surrounding Bowen, renowned for its fresh fruit and vegetables.

In a region that has it all, it’s no wonder the population is predicted to swell approximately 64 per cent by 2031, from 35,500 people to 55,500. Despite population growth forecasts, recent figures have shown a steady decline in house and land values across the Whitsundays. As a result, property experts are predicting a strong return to growth as buyers and investors take advantage of the current levels of affordable housing. From June 2007 to 2012, median house prices decreased from $400,000 to $320,000, with the value of land also sliding by a median of $60,000 over the five year period.

With little that can go wrong in choosing to buy or invest in the region’s real estate, it’s important to ensure the legal process of purchasing runs as smoothly as possible. For instance, if you assume something is ‘automatically included’ in a contract, and it is not there at settlement, you may be left with few options. To make sure you’ve got all your bases covered, we’ve developed a simple guide to buying real estate in the Whitsundays.